China Power International Development announced that it would acquire a 63% stake in Wu Ling Power, Reuters reported. Wu Ling, the largest independent hydropower producer in Hunan province, was sold by its parent for US$653.8 million. As a result of the deal, China Power will see 25% increase in its capacity; the deal is also expected to boost the company’s profile in central China. China Power is expected to issue US$457.79 million worth of shares at a price of HK$2.408 (US$0.31) each in order to pay for the deal, with the remainder being paid in cash.
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